December 19, 2017
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold a warehouse located at 1171 Oak Point Avenue in the Special Hunts Point District of the Bronx, NY for $10 million, the highest price ever paid for a property in the Hunts Point market. Meridian Senior Executive Managing Director, David Schechtman, Managing Director, Lipa Liberman, and Managing Director, Abie Kassin, exclusively represented the seller, Miron Produce. Associate Broker Ariel Castellanos of Pinnacle procured the buyer in this transaction.
The 30,000-square-foot property, which rests on a lot of the same size, can be expanded to 60,000 square feet as-of-right and is ideally located on the northwest corner of Oak Point Avenue and Worthern Street in Hunts Point. One of the largest and most integral food distribution centers in the region, Hunts Point spans over 329 acres of dedicated space for wholesalers, distributors, and food processing businesses.
Previously, 1171 Oak Point Avenue served as one of the distribution centers and warehouses for fruit and vegetable wholesaler Miron Produce. The sale allowed the company to consolidate operations in its state-of-the-art warehouse facilities elsewhere.
“We continue to represent entities with surplus corporate real estate and handle the sales with benchmark pricing, and work alongside other industry colleagues to achieve these results,” said Mr. Schechtman.
The property, which presents an exceptional opportunity for major capital expenditures and re-lease, is within walking distance from the 6 subway line at the Longwood Avenue subway station and several local bus routes.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com